INCOMING ACH OR WIRE PAYMENTS
Tax and Treasury Services will provide a department with Kent State banking and tax information in order for third parties to remit funds to the university. The department is required to complete a Notification of Incoming ACH or Wire Transfer Payment prior to the third party payment so that the funds can be credited to the proper department index/account. Failure to complete the form may result in the rejection of the incoming funds.
The department-not the third party-must request the banking and tax information from Tax and Treasury services. For security reasons, we are not able to provide these directly to the third parties. Third parties may require the department to complete a new vendor setup form, Substitute W9 or similar form. Departments may request the PNC Bank confirmation letter to email@example.com and use this information to complete the specific form the third party requests. Please indicate if the funds will be sent to us via ACH, domestic wire or international wire so that we can send you the correct banking instructions. The W-9 is available for download any time but if you have questions, please contact firstname.lastname@example.org or add the question to your request for banking information using email@example.com.
Tax and Treasury completes a Daily Cash Worksheet that is used by many departments, including financial accounting and grants accounting in the Controllers office but we do not record the receipt of funds in Banner. Therefore the department must complete the Notification of Incoming ACH or Wire Transfer Payment and submit to firstname.lastname@example.org. For grants and other sponsored programs, grants accounting will record the incoming funds.
INFORMATION REQUIRED FOR DEPARTMENT TO RECEIVE CREDIT FOR INCOMING FUNDS
The Notification of Incoming ACH or Wire Transfer Payment form is completed by the department in order to properly credit incoming funds. The information on that form includes the name of person, company, institution sending the funds, the name of the bank, the country, the date, amount and type of currency, Banner accounting information, reason for payment and department contact information. Failure to properly complete the form may result in the rejection of the funds which means the department will have to contact the sender to resend the funds. Tax and Treasury does not need to be notified of an incoming ACH or Wire - please do not use email@example.com as the notification address. Instead, provide the payor with the department contact information so that the department will be made aware of an incoming wire. If possible, use your department e-mail address instead of a specific person in your department in case someone leaves. If you send a Notification of Incoming ACH or Wire Transfer Payment but the funds were received by check, please email firstname.lastname@example.org so that we can stop looking for the incoming funds.
Department staff should contact email@example.com to obtain Kent State banking information to provide to third parties that need to pay the University.
In most cases, if you provided a completed Notification of Incoming ACH or Wire Transfer Payment form and sent it to firstname.lastname@example.org, then the funds will appear in the location you requested no later than the month end close. If you completed the form and the third party indicates the funds were sent but your department has not been credited after the month end close, please contact email@example.com.
If the funds are from a grant or other sponsored program, please contact your grant accountant for further assistance.